Equifax Analytics Pvt. Ltd., a solution provider of predictive analytics, announced that it has joined forces with PayU, Naspers fintech company and a digital payments processor. This association will enable financial institutions to get an insight into their consumers’ transactional behavior.
This collaboration provides financial institutions more insights while prospecting new to credit customer. It converts data into consumable insights which can be easily incorporated in the digital lending process.
“Consumer credit market in India has a lot of scope for growth and this partnership will serve the untapped potential. This innovative product is aligned with our vision of supporting the credit ecosystem including banks, NBFCs, and Fin-techs in order to provide seamless credit access to millions of underserved customers. Furthermore, this provides further validation of our understanding of customer’s digital behavior and how same can be leveraged to drive credit access to consumers.” said Jitendra Gupta, MD, PayU India.
“This complementary partnership will enable an informed decision making and smoother journey for the new to credit customers” said KM Nanaiah, Managing Director, Equifax Credit Information services Ltd. and Equifax India and MEA.
In a country such as India, about 75% of the population has never taken a loan. Consumer loan accounts for almost one-fifth of new loan accounts opened. Through this collaboration, Equifax & PayU is looking to create opportunities to include this particular segment of millions of underserved customers into the fold of credit.